While we enjoyed the price of gas briefly slipping below $4.00/gal for 87 octane gas, it may be short-lived. Many news outlets, including the Toronto Star, discussed the price of oil jumping to $139 per barrel. So the gas today may be a lot more tomorrow, Sunday, or on Monday.
According to the Star,
“The US$11 a barrel surge on energy markets came after brokerage giant Morgan Stanley predicted prices would hit $150 by the U.S. Fourth of July and a further weakening in the U.S. dollar, the currency of the global oil trade.“
While I do not drive a gas car, and as such am not terribly affected by the cost of gasoline, the cost of diesel fuel has been higher than the cost of gasoline for months now. While my car, a Volkswagen Jetta TDI, gets over 45 (forty-five!) miles per gallon on the highway, I still feel the pinch of $4.50+ diesel fuel.
What’s worse, and what we all pay for in the end, is that all the truck drivers have to pay the same amount, meaning their big rigs, which are lucky to get 8 MPG, can easily burn through hundreds of dollars of diesel fuel per week. My buddy Kent has worked as a truck driver for the last few years, but he learned about two days ago that he was getting laid off — entirely because of the cost of fuel. Way to keep the price of oil down there, George!